Solana: What informations you should know about SOL
In March 2020, a new cryptocurrency named Solana (SOL) appeared on the market. Announced since 2017, Solana is a new cryptocurrency that underwent three years of development before its official launch in 2020. Its token is native to the blockchain of the same name and soon became a direct competitor to another cryptocurrency . , Ethereum . SOL is a creation of Solana Labs composed of American engineers from the largest digital companies (Google, Apple, Microsoft, Intel). The president of Solana Labs is Anatoly Yakovenko , a former Qualcomm engineer and Dropbox , a mobile technology expert.
About Solana
The (Open Source) Solana project is presented as a solution to democratize financial systems and its main mission is to become the default option for all decentralized applications. Focusing on the speed and scalability of services to facilitate cryptocurrency transactions and their generalization to the general public, the Sol project allows for a large number of transactions per second and provides fees of only 0.000001 per person.
How does Solana work?
The main component of the Solana protocol is the proof of history, a sequence of calculations that provides a digital record that confirms that a particular event occurred on the network at any time. a value of 256 bits.
The Solana network offers a number of features, quite numerous, similar to other cryptocurrency networks such as smart contracting, chip issuing or transaction settlement. However, in order to stand out from the rest, the blockchain hopes to offer much better settlement speeds and a large capacity for transactions.
Even though Solana’s architecture is technologically complex, each component has the role of optimizing the number of transactions that Solana can execute without distributing its chain or using a tier two network.
What is unique about Solana?
Solana’s ambitious concept aims to solve the blockchain trilemma, a concept proposed by the creator of Ethereum, Vitalik Buterin, in his unique style. This trilemma describes a set of three major challenges that developers faced when they started building blockchains: decentralization, security, and scalability.
Everyone knows that a blockchain is built in such a way that it forces developers to sacrifice one aspect for the benefit of one or the other because they can only provide two out of three benefits at a time.
The Solana platform has proposed a hybird consensus mechanism that compromises on decentralization to maximize speed. The innovative combination of PoS and PoH makes it a unique project in blockchain history.
In general, blockchains have a higher scalability, depending on the number of transactions per second they can handle. Solana solves all the problems that may arise regarding some cryptocurrencies, depending on the PoS mechanism. It is a cryptocurrency that enjoys success because it rewards its validators and delegates with part of the most invented SOL SOL stake, an established rate of inflation but also the complexity and value of network transactions.
Because they have SOL tokens, users have access to projects that have been built on the Solana network.
Decentralized applications
Since the launch of Solana in 2020, there have been many applications that have been built on its blockchain. Minimum transaction fees and short confirmation times attract users who avoid Ethereum on decentralized applications. The most famous application is Serum.
How do I buy Solana?
Solana is easy to buy, it can be purchased from all major platforms that offer crypto services, such as: Binance, Crypto.com, Coinbase, Okex, etc.
Why buy Solana cryptocurrencies?
Between November 2021 and February 2022, the blockchain network was repeatedly subjected to cyber attacks, as a result of which Solana’s reputation suffered quite a bit. This is also the reason why the price of SOL has dropped considerably and the team behind the blockchain did not initially seem interested in open communication with investors. However, they hired programmers and security specialists to improve the network and adopted a more relaxed attitude towards the community. There are many people who wonder if it is worthwhile to invest in Solana and rightly so, experts believe that has a huge potential.
Some are waiting for Solana to become the next Bitcoin and are already doing everything Eth2 promises to do. It has already attracted a large number of developers who are tired of waiting for the upgrade of Ethereum to a new version. Clearly, this Blockchain has been designed to be fast, reliable, and completely cost-effective, as it hosts many large-scale projects such as Solana Wire, and while Eth2 will remain a major player in cryptocurrencies, the market is so large that Eth2 and SOL can succeed together without any problems. We expect to see a price increase soon.
How can SOL chips be stored?
There are many ways in which users can store SOL tokens. You can use Trust Wallet for mobile devices or any other wallet that supports SPL. Anyone wishing to bet on SOL chips will be required to use a cryptographic wallet that accepts this bet. Solana has a large number of partners in the cryptocurrency sector.
Solana price
Currently, the price of Solana has reached 88.86 USD. The highest all-time level reached by Solana was $ 259.96 on November 6, 2021, and the lowest level was reached on May 11, 2020, at $ 0.500801.
Solana wallets
In order to bet on Solana, it is necessary to move it to a wallet that accepts the stake. One of the best wallets for Solana betting is Solflare. It offers absolutely fantastic security and is entirely web-based due to the fact that it is integrated with Ledger. Phantom Wallet is another wallet and has similar features to Solflare. It integrates with Google Chrome browser and can be made available with a single click.
